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Does Third World growth hurt First World prosperity?

By:

KRUGMAN, Paul

Material type: Text

TextPublication details: 1994Action note:

3/7/00 M2LMGR

Summary: Argues that while many influential people in the West see a battle brewing between the advanced countries and the emerging economies of the Third World, fears about the economic impact of Third World competition are unjustified. States that an increase in Third World labour productivity means an increase in Third World wages, not a decrease in First World living standards. Concludes that it is a fear of Third World success, not that success itself, that is the real danger to the world economy.

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Argues that while many influential people in the West see a battle brewing between the advanced countries and the emerging economies of the Third World, fears about the economic impact of Third World competition are unjustified. States that an increase in Third World labour productivity means an increase in Third World wages, not a decrease in First World living standards. Concludes that it is a fear of Third World success, not that success itself, that is the real danger to the world economy.

3/7/00 M2LMGR

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